Common use of Information; Statements and Reports Clause in Contracts

Information; Statements and Reports. The Manager shall provide the Trust with periodic statements describing the Trust Property, and transactions involving the Trust Property, as follows: (a) at the end of each month in which a transaction has been effected in respect of the Trust Property; or (b) at the end of each calendar quarter if no transaction has been effected with respect to the Trust Property. The Manager shall provide the Trust with notice of any change in the primary portfolio manager(s) who are responsible for the day-to-day investment management decisions made on behalf of the Trust Property as set out in Schedule “A” attached hereto. The Manager shall also provide the Trust with notice of any action, inquiry or proceeding involving the Manager which is initiated by a Securities Authority having jurisdiction over the Manager’s investment management operations, unless such action, inquiry or proceeding is initiated in conjunction with correspondence and applications made in the ordinary course of maintaining such registrations in good standing and such action, inquiry or proceeding does not have an adverse material effect on the Trust, including the Manager’s ability to act as discretionary investment manager to the Trust Property.